Envestnet Asset Management Inc. Decreases Stock Position in Rithm Capital Corp. (NYSE:RITM)

Key Points

• Envestnet Asset Management Inc. significantly reduced its stake in Rithm Capital Corp by 47.5% during the first quarter, holding 108,233 shares valued at approximately $1.24 million.
• Several other institutional investors, including Barclays PLC and Wedbush Securities Inc., have increased their positions in Rithm Capital, indicating a mixed sentiment among institutional stakeholders.
• Rithm Capital's latest earnings revealed an EPS of $0.54, surpassing analysts' expectations, and the company has announced an annual dividend yield of 8.3%.

Envestnet Asset Management Inc. cut its holdings in shares of Rithm Capital Corp. (NYSE:RITM - Free Report) by 47.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 108,233 shares of the real estate investment trust's stock after selling 97,730 shares during the period. Envestnet Asset Management Inc.'s holdings in Rithm Capital were worth $1,239,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Barclays PLC lifted its stake in Rithm Capital by 1.2% in the fourth quarter. Barclays PLC now owns 219,670 shares of the real estate investment trust's stock valued at $2,379,000 after buying an additional 2,701 shares during the last quarter. Wedbush Securities Inc. raised its position in Rithm Capital by 13.7% in the fourth quarter. Wedbush Securities Inc. now owns 231,682 shares of the real estate investment trust's stock worth $2,509,000 after acquiring an additional 27,924 shares in the last quarter. KBC Group NV lifted its stake in Rithm Capital by 24.0% during the first quarter. KBC Group NV now owns 22,846 shares of the real estate investment trust's stock valued at $262,000 after purchasing an additional 4,423 shares during the last quarter. Amalgamated Bank lifted its position in shares of Rithm Capital by 5.9% during the 1st quarter. Amalgamated Bank now owns 27,064 shares of the real estate investment trust's stock valued at $310,000 after acquiring an additional 1,502 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Rithm Capital by 29.6% during the fourth quarter. Northern Trust Corp now owns 3,284,237 shares of the real estate investment trust's stock valued at $35,568,000 after purchasing an additional 750,656 shares during the last quarter. 44.92% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Royal Bank Of Canada boosted their price objective on shares of Rithm Capital from $13.00 to $14.00 and gave the company an "outperform" rating in a research report on Friday. Keefe, Bruyette & Woods lifted their price target on shares of Rithm Capital from $13.50 to $14.00 and gave the company an "outperform" rating in a research report on Tuesday. Piper Sandler raised Rithm Capital from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $12.50 to $14.00 in a research report on Monday, April 28th. Jones Trading increased their price target on shares of Rithm Capital from $12.50 to $13.50 and gave the company a "buy" rating in a report on Tuesday. Finally, Wedbush reiterated an "outperform" rating and issued a $14.00 price objective on shares of Rithm Capital in a research report on Monday, May 19th. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Rithm Capital presently has a consensus rating of "Buy" and a consensus target price of $14.00.

Rithm Capital Price Performance

Shares of RITM opened at $12.05 on Friday. The company's 50-day moving average is $11.57 and its 200-day moving average is $11.39. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.35 and a quick ratio of 0.35. The firm has a market capitalization of $6.39 billion, a PE ratio of 9.27 and a beta of 1.25. Rithm Capital Corp. has a fifty-two week low of $9.13 and a fifty-two week high of $12.59.

Rithm Capital (NYSE:RITM - Get Free Report) last released its earnings results on Monday, July 28th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The firm had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.18 billion. Rithm Capital had a return on equity of 19.07% and a net margin of 16.72%. Equities analysts forecast that Rithm Capital Corp. will post 1.93 EPS for the current year.

Rithm Capital Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, June 30th. This represents a $1.00 annualized dividend and a dividend yield of 8.3%. Rithm Capital's payout ratio is currently 76.92%.

Rithm Capital Company Profile

Rithm Capital Corp. operates as an asset manager focused on real estate, credit, and financial services. It operates through Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable, and Asset Management segments. Its investment portfolio primarily comprises of mortgage servicing rights (MSR), and MSR financing receivables, title, appraisal and property preservation, excess MSRs, and services advance investments; real estate securities, call rights, SFR properties, and residential mortgage loans; consumer and business purpose loans; and asset management related investments.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.